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Keppel to build two rigs for Diamond
Posted: 09 May 2005
Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly owned subsidiary, Keppel FELS Ltd, has signed a letter of intent with Diamond Offshore Drilling Inc for the construction of two high-performance premium jackup rigs.
The total project value is estimated to be worth US$300 million.
One of the units will be constructed in Singapore , and the other in Keppel AmFELS in Brownsville , Texas , USA .
To be built based on the KFELS B Class (Super) design, both rigs will be 350-ft, capable of drilling depths of up to 35,000 ft with a hook load capacity of two million pounds and a cantilever reach of 70 ft.
Delivery of both units is anticipated to be in the first quarter of 2008.
The letter of intent also provides an option for the construction of a third jackup rig at a later date.
The transaction is subject to execution of a definitive construction contract.
Diamond Offshore President and Chief Operating Officer, Mr Larry Dickerson, said "The primary focus of the Company has been enhancing our deepwater rigs, while at the same time we have significantly modernized our jack-up fleet.
“Based on the strength of the market, we believe the construction of these premium jack-up units will augment our ability to offer a full range of service to our customers."
Mr Tong Chong Heong, Managing Director and Chief Operating Officer of Keppel O&M, said, "Diamond Offshore is our regular and valued customer who has entrusted the construction, repair, upgrading, conversion and life extension of their fleet of rigs to our shipyards in Singapore, Brazil, USA and Europe.
"We are glad that, through our integrated network of shipyards and superior rig designs, we can continue to offer our customers turnkey solutions."
A wholly-owned subsidiary of Keppel Corporation Limited, Keppel O&M is the global leader in offshore rigs and shiprepair and conversion as well as a specialised shipbuilder. Its near market, near customer strategy is bolstered by a global network of 16 yards in the Asia Pacific, Gulf of Mexico , Brazil , the Caspian Sea , Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner in solutions for the offshore and marine industry.
The transaction is not expected to have any material impact on the NTA or the net earnings per Keppel Corporation share for FY2005.
Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling. The Company's fleet of 45 offshore drilling rigs consists of 30 semisubmersibles, 14 jackups and one drillship.
Posted by Editor Pipeline Magazine
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